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An economist makes the bizarre claim that bitcoin is like counterfeiting because it drains the value of all fiat currencies (with nothing mentioned about the actual insane money printing going on).

An economist makes the bizarre claim that bitcoin is like counterfeiting because it drains the value of all fiat currencies (with nothing mentioned about the actual insane money printing going on).



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26 Comments

  1. “Hey neighbor, WTF did you steal my car?”

    “I didn’t steal your car. Actually I just bought a nice new car. It’s parked in my driveway. In fact, YOUR car is still parked in your driveway.”

    “That’s exactly my point. You having a nice car makes my car look worse. You basically stole the value of my car.”

  2. Old gonna old.

    They really struggle with the idea that value doesn’t have to come from the upside, but can be determined (validated) by people themselves.

    What he calls ‘societal value’ is just his version “things I care about and that I think the government should make you care about”. That wouldn’t be a problem if what he cared about took into account what is happening more instead of what he wish was happening.

    The issue of the printing press going brrrrrrrr, a climate crisis that is more based on ideology than proposed solutions, and an entire world that is barred from services and finances, either through Regulations, Censorship, or Cancelling, those are issues whose resolution has ‘societal value’, and that value is validated by people validating the blockchain, not from a moral “authority”.

    Anyway, again, Old gonna old.

  3. what’s worrying is that people in governments actually pay attention when idiots like this speak…..the sooner they all die out the better….the world needs to evolve

  4. ” Where did the value come from? It came from all of us who hold Euros and dollars and other financial assets. **Somehow, because somebody, declared that something that has no value has value.** ”

    It’s the people buying into/accepting the currency that makes it valuable. Maybe some day, fiat might be used for kindling and bottlecaps will be valuable.

  5. “Where did the value come from? It came from all of us who hold Euros and dollars and other financial assets. Somehow, because somebody, declared that something that has no value has value.”

    He is acting like this is a new thing. How does this guy think the market decides what the value of gold or a million other assets is.

  6. >”If a digital Euro or dollar makes actual transactions in our currencies more efficient without giving up the ability to track illicit operations and tax fraud, this is a good step forward,” he declares in the Alma Mater Europaea video.

    Translation: digital currency is ok as long as it doesn’t threaten the ability of the state to engage in rampant warrantless surveillance of people’s private economic interactions.

  7. Read this article. I’m all in favor of promoting sustainable development and fighting extreme poverty as the economist has been doing, but this guy is totally wrong.

  8. Person 1: “Money is debt.”

    Person 2: “We can destroy the money generated by that debt by transforming it into digital assets with real scarcity and utility.”

    Person 1: “This is not money…”

  9. > “Where did the value come from? It came from all of us who hold Euros and dollars and other financial assets. Somehow, because somebody, declared that something that has no value has value.”

    “Bread goes in, toast comes out, but where does the bread go?”

  10. … and makes no mention to the fact fiat currency is now counterfeit after we let banks fail over and over at the expense of the taxpayer with more money being printed with no gold to back it up.

  11. The worst thing is, is when america prints money (not that others don’t) but when they do. The rest of the world pays the price, because so much trade is done in now less valuable dollars. If anything, the money printers are the real villains, assuming they are trying to protect normal people…..which obviously they aren’t or america, the richest country in world, wouldnt have homeless veterans on the streets

  12. Literally everything with both a market and assigned value is counterfeiting money by pooling that value outside of fiat. By that logic, the online beanie baby community and is a threat to the almighty dollar… Just ignore the fact that the government is more than happy to take their cut of your counterfeited profits via taxes.

  13. >Sachs is most famous for his work in promoting sustainable development and fighting extreme poverty worldwide. He views Bitcoin [as an enemy to the environment](https://fortune.com/2021/03/08/will-its-carbon-footprint-put-a-cap-on-the-price-of-bitcoin/), and a hidden tax on everyone, rich and poor. He does see potential uses for digital currencies, but apparently not for the crypto versions.

    Well, this is why some coins going to PoS. I can’t really disagree with him about the energy consumption of Bitcoin is that much.

    If he is “famous” for his charities, sure I would have heard about him.

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